Morgan Stanley said Monday that it has selected the executive committee, including the wealth management heads, for its pending joint venture with Citigroup Inc.'s Smith Barney that is expected to start this summer.
Andy Saperstein, currently the head of national sales for Morgan Stanley's global wealth management group, would be the head of U.S. wealth management for the venture, Morgan Stanley Smith Barney.
Michael Armstrong would lead the ultra-high-net-worth area, including Morgan Stanley Private Wealth Management and the integration of the Smith Barney Citi Family Office. He is in charge of Morgan Stanley Private Wealth Management.
Saperstein and Armstrong would report to Charles Johnston, who was named the venture's president and chief operating officer in January. James Gorman would be the venture's chief executive officer.